Recent Insider Transactions • May 20
Non-Executive Director recently sold €62k worth of stock On the 14th of May, Martin Holland sold around 10m shares on-market at roughly €0.0062 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €44k more than they bought in the last 12 months. Announcement • Dec 05
Askari Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.15 million. Askari Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.15 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 115,000,000
Price\Range: AUD 0.01
Transaction Features: Subsequent Direct Listing Announcement • Nov 28
Askari Metals Limited (ASX:AS2) acquired Hong Kong Xingxu Mining International Investment Co, Ltd. from Xingguang Group Limited. Askari Metals Limited (ASX:AS2) entered into a binding optional share swap and joint venture agreement to acquire Hong Kong Xingxu Mining International Investment Co, Ltd. from Xingguang Group Limited for AUD 1.1 million on July 8, 2025. Pursuant to the Agreement, the following consideration is payable: AUD 0.2 million in cash on the day of completion to reimburse previous exploration and management costs for the Nejo Gold Project and AUD 0.2 million in fully paid ordinary shares in the Askari Metals Limited (Shares) subject to shareholder approval, with a minimum price of 1 cent per share. These shares will be held in voluntary escrow for 12 months; 20 million unlisted options (exercise price of 6 cents, expiry date of 3 years) subject to shareholder approval; in addition M1 Deferred Consideration of AUD 0.2 million split equally between cash AUD 0.1 million and shares AUD 0.1 million contingent on announcing a JORC-compliant Mineral Resource Estimate of at least 1,000,000 ounces of gold. Payment and issuance occur within 7 business days of meeting this hurdle and M2 Deferred Consideration of the issue of AUD 0.2 million split equally between cash AUD 0.1 million and shares AUD 0.1 million contingent on announcing a JORC-compliant Mineral Resource Estimate of at least 2,000,000 ounces of gold. Payment and issuance occur within 7 business days of meeting this hurdle, and AUD 0.15 million cash payment and the issue of AUD 0.15 million worth of shares on the date which is twelve months from the date of completion under the Agreement; and a 1% gross revenue royalty from all gold concentrates (or otherwise) produced and sold from the Project capped at AUD 7 million. Xingxu Mining holds a 100% interest in the Nejo Gold Project, which is located in Western Ethiopia.
The Agreement otherwise contains standard terms and conditions that are customary for a transaction of this nature. The transaction is subject to approval of offer by acquirer shareholders and consummation of due diligence investigation.
As of August 4, 2025, Askari Metals Limited has completed technical due diligence at the flagship advanced brownfields Nejo Gold and Copper Project.
Askari Metals Limited (ASX:AS2) completed the acquisition of Hong Kong Xingxu Mining International Investment Co, Ltd. from Xingguang Group Limited on November 26, 2025. Pursuant to the binding share swap and joint venture agreement (Agreement) and the recent shareholder approval obtained, the Company confirms that it has issued 14,285,714 fully paid ordinary shares and 20,000,000 unlisted options (6 cent strike / 3-year term) to Shining Star International Holdings Limited. The cash completion payment has also been completed pursuant to the Agreement. These shares are subject to 12-months voluntary escrow from the date of issue. Announcement • Oct 21
Askari Metals Limited, Annual General Meeting, Nov 28, 2025 Askari Metals Limited, Annual General Meeting, Nov 28, 2025. Announcement • Oct 04
Askari Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.497433 million. Askari Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.497433 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 149,743,259
Price\Range: AUD 0.01
Discount Per Security: AUD 0.0006
Transaction Features: Rights Offering Announcement • Sep 13
Forrestania Resources Limited (ASX:FRS) signed Binding heads of agreement to acquire First Western Gold Pty. Ltd. from Askari Metals Limited (ASX:AS2) for AUD 0.7 million. Forrestania Resources Limited (ASX:FRS) signed Binding heads of agreement to acquire First Western Gold Pty. Ltd. from Askari Metals Limited (ASX:AS2) for AUD 0.7 million on September 12, 2025. The Total consideration of AUD 0.7 million, payable in cash and shares i.e., Pay to Askari the amount of AUD 0.25 million in cash and The Company will issue 2,223,321 Shares equal to AUD 0.45 million. Completion is subject to the following conditions precedent i.e., Completion of financial, legal and technical due diligence by FRS on FWG and the tenements, to the absolute discretion of FRS within 21 days of the Execution Date, Askari and FRS obtaining all necessary third-party approvals, waivers and/or consents required (to the extent required) to permit the transaction contemplated by the agreement; and All warranties being correct and not misleading or deceptive during the period between the execution of the agreement and settlement and Askari providing written confirmation of the same for the benefit of FRS. As part of the transaction, subject to Askari Metals shareholder approval. The agreement is otherwise on standard terms and conditions for a share sale agreement. The Company expects completion under the Agreement by no later than December 20, 2025. Announcement • Jul 09
Askari Metals Limited (ASX:AS2) entered into a binding optional share swap and joint venture agreement to acquire Hong Kong Xingxu Mining International Investment Co, Ltd. from Xingguang Group Limited for AUD 1.1 million. Askari Metals Limited (ASX:AS2) entered into a binding optional share swap and joint venture agreement to acquire Hong Kong Xingxu Mining International Investment Co, Ltd. from Xingguang Group Limited for AUD 1.1 million on July 8, 2025. Pursuant to the Agreement, the following consideration is payable: AUD 0.2 million in cash on the day of completion to reimburse previous exploration and management costs for the Nejo Gold Project and AUD 0.2 million in fully paid ordinary shares in the Askari Metals Limited (Shares) subject to shareholder approval, with a minimum price of 1 cent per share. These shares will be held in voluntary escrow for 12 months; 20 million unlisted options (exercise price of 6 cents, expiry date of 3 years) subject to shareholder approval; in addition M1 Deferred Consideration of AUD 0.2 million split equally between cash AUD 0.1 million and shares AUD 0.1 million contingent on announcing a JORC-compliant Mineral Resource Estimate of at least 1,000,000 ounces of gold. Payment and issuance occur within 7 business days of meeting this hurdle and M2 Deferred Consideration of the issue of AUD 0.2 million split equally between cash AUD 0.1 million and shares AUD 0.1 million contingent on announcing a JORC-compliant Mineral Resource Estimate of at least 2,000,000 ounces of gold. Payment and issuance occur within 7 business days of meeting this hurdle, and AUD 0.15 million cash payment and the issue of AUD 0.15 million worth of shares on the date which is twelve (12) months from the date of completion under the Agreement; and a 1% gross revenue royalty from all gold concentrates (or otherwise) produced and sold from the Project capped at AUD 7 million.
Xingxu Mining holds a 100% interest in the Nejo Gold Project, which is located in Western Ethiopia.
The Agreement otherwise contains standard terms and conditions that are customary for a transaction of this nature. Announcement • May 18
Askari Metals Limited has announced a Derivatives Offering in the amount of AUD 0.033553 million. Askari Metals Limited has announced a Derivatives Offering in the amount of AUD 0.033553 million.
Security Name: Options
Security Type: Equity Option
Securities Offered: 33,552,990
Price\Range: AUD 0.001
Transaction Features: Rights Offering Announcement • Apr 16
Askari Metals Limited Announces Board Changes Askari Metals Limited announced the following board and management changes as it advances its transition strategy and continues to evaluate new growth opportunities. Mr. Tim Morrison, a highly accomplished and respected resources industry professional, has been appointed to the Board of Askari Metals as a Non-Executive Director. The appointment of Mr. Morrison will bolster the Company's corporate expertise and occurs in line with the Company's continued focus on delivering on its strategic objectives and its drive to be a highly disciplined African explorer and developer. Mr. Morrison possesses extensive strategic experience which will assist the Company during this pivotal period as the Company continues to evaluate additional project opportunities across Africa which are complementary to the existing portfolio. Mr. Morrison has over 20 years' experience in senior roles developing early-stage resource companies and has had a range of notable successes in that time. He has been involved in raising significant capital for resource projects across exchanges globally. His experience in developing junior resource companies will be valuable to Askari as it moves forward into the next phase. Mr. Morrison is also currently Executive Chairman of Trigg Minerals Limited and Non- Executive Chairman of London Stock Exchange listed Harena Resources Plc. The Company has accepted the resignation of non-executive directors, Mr. Leonard Math and Mr. Lincoln Ho effective immediately to allow them to focus on other business activities. Announcement • Jan 17
Askari Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 0.35 million. Askari Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 0.35 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 15,909,091
Price\Range: AUD 0.011
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,937,500
Price\Range: AUD 0.016
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Jan 03
Askari Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 0.35 million. Askari Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 0.35 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 15,909,091
Price\Range: AUD 0.011
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,937,500
Price\Range: AUD 0.016
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Nov 30
Askari Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.507229 million. Askari Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.507229 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 83,201,836
Price\Range: AUD 0.016
Discount Per Security: AUD 0.00096
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,750,000
Price\Range: AUD 0.016
Discount Per Security: AUD 0.00096
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,250,000
Price\Range: AUD 0.016
Transaction Features: Subsequent Direct Listing Announcement • Oct 04
Askari Metals Limited, Annual General Meeting, Nov 29, 2024 Askari Metals Limited, Annual General Meeting, Nov 29, 2024. New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (1,491% average daily change). Revenue is less than US$1m (AU$19k revenue, or US$13k). Market cap is less than US$10m (€1.34m market cap, or US$1.49m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (30% increase in shares outstanding). Announcement • Sep 26
Askari Metals Limited announced that it expects to receive AUD 0.92 million in funding Askari Metals Limited announced it has entered into a convertible note trust deed to issue convertible notes for gross proceeds AUD 920,000 on September 24, 2024. The Company is proposing to seek the required shareholder approvals under the Convertible Note Deed. The notes will mature 24 months from the date of issue. Escrow period is up to Until October 31, 2024. Each Convertible Note is convertible into Shares at the Noteholder’s election at a conversion price equal to the lower of AUD 0.065; and 15% discount to 5 trading day VWAP, provided that the conversion price calculated in accordance with this paragraph is not less than AUD 0.01, and where the calculation would result in a Conversion Price less than AUD 0.01, the Conversion Price will be AUD 0.01. Announcement • Aug 02
Askari Metals Limited Announces Executive Changes Askari Metals Limited announced the appointment of Mr. Leonard Math as Company Secretary of the Company. Mr. Math is a Chartered Accountant with more than 15 years of resources industry experience. He previously worked as an auditor at Deloitte and is experienced with public company responsibilities including ASX and ASIC compliance, control and implementation of corporate governance, statutory financial reporting and shareholder relations. Mr. Math has held multiple Director, CFO and Company Secretary roles for ASX listed companies, particularly in the uranium and lithium resource sector and including companies operating in Africa. Mr. Paul Fromson has stepped down from his role as Company Secretary and will remain as the Company's Chief Financial Officer. For the purposes of ASX Listing Rule 12.6, Mr. Leonard Math will be the person responsible for communications between the Company and ASX. Announcement • May 10
Askari Metals Limited has withdrawn its Follow-on Equity Offering in the amount of AUD 1.90546 million. Askari Metals Limited has withdrawn its Follow-on Equity Offering in the amount of AUD 1.90546 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 29,314,767
Price\Range: AUD 0.065 New Risk • Apr 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 72% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (32% average weekly change). Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Revenue is less than US$1m (AU$19k revenue, or US$12k). Market cap is less than US$10m (€3.15m market cap, or US$3.40m). Announcement • Mar 23
Askari Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.90546 million. Askari Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.90546 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 29,314,767
Price\Range: AUD 0.065 Announcement • Mar 22
Askari Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.600001 million. Askari Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1.600001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 18,103,178
Price\Range: AUD 0.065
Discount Per Security: AUD 0.0039
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,512,215
Price\Range: AUD 0.065
Discount Per Security: AUD 0.0039
Transaction Features: Subsequent Direct Listing Announcement • Jan 29
Askari Metals Limited Announces Directorate Changes Askari Metals Limitedn announced appointment of Mr. Joseph Clarry to the Board of Directors as Technical Director (Geology). The appointment follows the pivot to a more traditional, systematic exploration model at the Uis Lithium Project, Namibia. Mr. Clarry has more than 20 years of technical experience spanning across multiple commodities including lithium (spodumene), copper, nickel, uranium, gold and iron ore with a particular focus on projects located in Africa. Mr. Clarry previously held a role as Exploration Manager for Atlantic Lithium Limited (ASX. A11) where he was responsible for planning and implementing a number of lithium (spodumene) exploration campaigns across Ghana. Mr. Clarry has also held a number of senior roles including as Senior Exploration Geologist with BHP in Liberia as well as principal of a geo-consultancy company operating in West Africa servicing several clients across multiple commodities, including several major mining companies over a 10-year period. Joseph is also a member of the Australian Institute of Geoscientists. Announcement • Oct 20
Askari Metals Limited, Annual General Meeting, Nov 24, 2023 Askari Metals Limited, Annual General Meeting, Nov 24, 2023, at 11:00 W. Australia Standard Time. Agenda: To receive and consider the annual financial report of the Company for the financial year ended 30 June 2023 together with the declaration of the Directors, the Director's report, the Remuneration Report and the auditor's report; to consider adoption of the Remuneration report; to consider election of directors; to consider ratification of prior issue of options to institutional investors; and to consider other matters. Announcement • Oct 10
Askari Metals Limited (ASX:AS2) acquired AstralL Dynamix from AstralL Dynamix Mining Investment CC. Askari Metals Limited (ASX:AS2) signed an agreement to acquire AstralL Dynamix from AstralL Dynamix Mining Investment CC for AUD 0.375 Million on July 4, 2023. The Consideration consist of cash and share.Askari Metals Limited (ASX:AS2) completed the acquisition of AstralL Dynamix from AstralL Dynamix Mining Investment CC on October 10, 2023. New Risk • Oct 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$6.4m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.4m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m (AU$21k revenue, or US$13k). Market cap is less than US$10m (€8.47m market cap, or US$8.96m). Minor Risk Shareholders have been diluted in the past year (44% increase in shares outstanding). Announcement • Jul 06
Askari Metals Limited (ASX:AS2) signed an agreement to acquire AstralL Dynamix from AstralL Dynamix Mining Investment CC for AUD 0.375 Million. Askari Metals Limited (ASX:AS2) signed an agreement to acquire AstralL Dynamix from AstralL Dynamix Mining Investment CC for AUD 0.375 Million on July 4, 2023. The Consideration consist of cash and share. Announcement • Jun 03
Askari Metals Limited Appoints Cliff Fitzhenry to the New Role of Chief Exploration and Project Manager (Africa) Askari Metals Limited announce the appointment of Cliff Fitzhenry to the new role of Chief Exploration and Project Manager (Africa). The appointment is part of the Company's aggressive exploration strategy to accelerate the drilling and development program at flagship asset, the Uis Lithium Project in Namibia, Africa. Mr. Fitzhenry will lead the in-country exploration team, overseeing the planned diamond drilling program due to commence in approximately four weeks. Recent RC drilling encountered 100-metre plus lithium- bearing mineralised pegmatites across the project area and initial diamond drilling will focus on the ~112m lithium-bearing mineralised pegmatite intersected in the south-east of EPL 7345. Mr. Fitzhenry is a seasoned Geologist with 19 years' experience, beginning his career with Anglo Platinum on the Bushveld Complex and has subsequently worked on mining and exploration projects throughout Africa including Central African Republic, Liberia, Madagascar, South Africa, Mozambique, Nigeria, Mauritania, Tanzania and Malawi. He has held senior management positions, successfully leading teams across all aspects of exploration, development and feasibility studies. Most recently he was the senior geologist for Sovereign Metals Limited delivering the maiden mineral resource estimate, and subsequent resource upgrades, of the Kasiya rutile-graphite project in Malawi. Mr. Fitzhenry holds MSc and BSc Honours (cum laude) degrees from the University of KwaZulu Natal (South Africa) and is a Registered Professional Natural Scientist in South Africa. Announcement • May 26
Askari Metals Limited (ASX:AS2) completed the acquisition of remaining 10% interest in Uis Lithium-Tantalum-Tin Project, located in Namibia, Africa from Jenny Eliane van der Walt. Askari Metals Limited (ASX:AS2) executed a binding agreement to acquire the remaining 10% interest in Uis Lithium-Tantalum-Tin Project, located in Namibia, Africa from Jenny Eliane van der Walt for AUD 0.24 million on April 4, 2023. Askari Metals to pay AUD 0.01 million in cash within 5 business days of the execution of this Agreement; to issue the Vendor (or its nominee) AUD 0.105 million worth of fully paid ordinary shares in the capital of Askari Metals within 7 business days of settlement of the Acquisition; issue deferred consideration of AUD 0.045 million worth of Shares, subject to the completion of a reverse circulation (RC) drilling program(s) at the Licence of not less than 4,000m, where at least ten (10) RC drill holes intersects a mineralised interval containing a minimum lithium-oxide (Li2O) grade of 10 percent (Li2O equivalent)/ metre across not less than 10 individual drill holes anywhere over the License within 12 months of execution of this Agreement (Milestone One). AUD 0.075 million worth of Shares, subject to Askari Metals announcing to ASX a JORC (2012) compliant resource of >5,000,000 tonnes @ 1.0% Li2O on the Licence within 24 months of execution of this Agreement (Milestone Two). with effect on and from Settlement, to grant the Vendor a royalty of 0.15% of the net smelter return on all minerals produced from the Licence by the Purchaser or its successors in title (Royalty), which shall otherwise be granted on customary (AMPLA) terms. 50% of the Initial Shares will be subject to a 6-month voluntary escrow period from their date of issue; 25% of the Initial Shares will be subject to a 3-month voluntary escrow period from their date of issue; and 25% of the Initial Shares will not be subject to any escrow from their date of issue. Completion of the Acquisition is conditional upon the Parties obtaining all necessary shareholder and/or regulatory approvals required to allow the parties to lawfully complete the matters set out in this Agreement. The Conditions must be satisfied within 3 months of execution of this Agreement. If Conditions have not been satisfied or waived by 5:00pm (WST) on the dates specified above, or such other date agreed by the Parties, a Party may terminate this Agreement by notice in writing to the other Parties.
Askari Metals Limited (ASX:AS2) completed the acquisition of remaining 10% interest in Uis Lithium-Tantalum-Tin Project, located in Namibia, Africa from Jenny Eliane van der Walt on May 24, 2023. Announcement • Feb 15
Askari Metals Limited Commences its Phase I RC Drilling Program on Exclusive Prospecting Licence Askari Metals Limited announced that the Company has commenced its Phase I RC drilling program on Exclusive Prospecting Licence ("EPL") 8535, part of the Uis Lithium Project, located in the Erongo Region of central-west Namibia. The Uis Lithium Project comprises both EPL 7345 and EPL 8535 and covers an area of 308.12km 2 in a highly mineralised, spodumene rich pegmatite belt with a history of prior production and exploration success. The RC drilling program commenced on 12 February 2023 with the Company having already completedsix holes at the time of this announcement. EPL 8535 forms part of the Uis Lithium Project ("Uis Project") and is located less than 17km from the town of Uis and adjacent to the operating Uis Mine, owned by London-listed Andrada Mining Limited. The project holds exceptional potential, as identified by the due diligence sample results and the very high number of pegmatites exposed at the surface, ranging from a few meters in width to more than 50m wide. Many of the pegmatites have been mined historically for tin and semi-precious stones, and altered spodumene and lepidolite are visible within the workings and the mined rock around the workings. Phase I RC drilling on EPL 8535: This first phase of drilling on EPL 8535 aims to test several high-grade lithium targets identified by the due diligence work completed by the company. Additional field activities have also identified several large-scale pegmatite targets that will be drill tested during this phase. Some of these new targets include pegmatites over 50m wide. The first drill holes have been completed and targeted the high-grade lithium zone identified by the due diligence work. The Company is also excited to test the larger pegmatite bodies identified in Areas 2, 3 and 4. FUTURE WORK: A second RC drill rig will commence the Phase II drilling program on EPL 7345 in the next few weeks, and after the completion of the mapping program on EPL 7345, the team will move to EPL 8535. The same scope of work will be applied to the work plan for this second mapping program. The mapping on EPL 8535 will inform the second phase of drilling on EPL 8535 which the Company will aim to commence as soon as possible after the completion of the mapping. Announcement • Feb 08
Askari Metals Limited Announces High Grade Lithium, Tin and Tantalum Results At EPL 8535 Askari Metals Limited announced results from due diligence samples collected during the acquisition of Exclusive Prospecting Licence ("EPL") 8535, part of the Uis Lithium Project, located in the Erongo Region of central-west Namibia. The Uis Lithium Project comprises both EPL 7345 and EPL 8535 and covers an area of 308.12km 2 in a highly mineralised, spodumene rich pegmatite belt with a history of prior production and exploration success. A total of 162 rock chip samples were collected from EPL 8535 during the due diligence phase of the tenement acquisition. Sampling was conducted over exposed pegmatites and included several old artisanal workings mined for either tin or semi-precious stones. Several of the pegmatites are characterised by coloured tourmalines (green and blue especially), as well as examples of altered/weathered spodumene and lepidolite crystals. Some weathered cassiterite was also identified. The overall outcome of the due diligence sampling campaign is exceptionally positive, yielding five results greater than 3% Li2O and eight results greater than 1% Li2O. Excellent results were also returned for tin mineralisation, with one sample assaying 3.2% SnO2 and 10 samples producing results greater than 1,875ppm Sn (0.24% SnO2). Tantalum results were highly positive, with 42 samples returning results greater than 100ppm Ta and two samples with results greater than 1,000ppm Ta. There were also indications of very strong rubidium with results up to 7,980ppm Rb. The Company commissioned a geologist and technical team to conduct a reconnaissance sampling campaign as part of the due diligence process for EPL 8535, part of the Uis Project. This involved the collection of 162 samples from exposed pegmatites and old workings in pegmatites on the Project. The pegmatites are hosted by mafic schists and metasediments and occur as post-depositional intrusions. Several specimens were collected with visible spodumene, lepidolite and cassiterite. Lithium is a mobile element and is seldom found at the surface in its original state and grade. Generally, it is leached, and a more representative lithium content of any pegmatite is usually located below the weathered horizon. With this in mind, these initial results from the Uis Lithium Project are very encouraging, with a maximum of 3.3% Li2O, with 14 samples returning results greater than 0.5% Li2O and 26 samples above 0.1% Li2O. This bodes well as an indicator for the lithium mineralisation potential below the surface at the Uis Lithium Project. Announcement • Feb 04
Askari Metals Limited Announces Project-Wide Detailed Exploration Underway at Uis Li Project Askari Metals Limited announced that the Company has commenced a project-wide detailed mapping and sampling program at EPL 7345, part of the Uis Lithium Project, located in Namibia, Africa (the "Project"). The Company has engaged Earthlab Technical, a professional mining and exploration geological consulting firm based in Johannesburg, South Africa, to complete the mapping and sampling program which has been designed to map, geologically interpret, classify and sample every pegmatite outcrop on the Project. The results will enable the Company to target future exploration activities efficiently and effectively. The Uis Lithium Project is located less than 5km from the township of Uis and less than 2.5km from the operating Uis Tin-Tantalum-Lithium mine owned and operated by Andrada Mining Ltd. (formerly AfriTin Mining plc) (LSE. ATM), within the Erongo Region of west-central Namibia. The Uis Lithium Project (EPL 7345 and EPL 8535) covers an area of 308.12km2 and boasts more than 150 mapped pegmatites across the Project area, with many of the pegmatites having been mined historically for tin and semi-precious stones. Altered spodumene is visible both within the workings and the mined rock around the workings. The detailed mapping program is designed to cover the entire Project and aims to identify various types of pegmatites, their outcrop dimensions and visible mineralogy. The mineralisation tenor of the pegmatites will also be determined by way of multiple samples collected from each outcrop. Initial reconnaissance sampling completed by the Company during the due diligence phase identified several, and various pegmatite outcrops, which were sampled with the results identifying high-grade lithium, tantalum, tin and rubidium up to 2.11% Li2O, 1.3% Sn, 658ppm Ta and 4,214 ppm Rb, refer to ASX announcement dated 16 November 2022. The initial reconnaissance campaign also indicated that there are likely multiple types of pegmatites outcropping across the Project area, including LCT pegmatites which are associated with elevated lithium grades, and caesium-depleted pegmatites, which have a higher correlation with tin and tantalum anomalism. The Project also straddles an area consisting of more mafic metasediments in the south to a more granite-dominated landscape in the north. The relationship between the host lithology, pegmatite type and mineralization are also an important deliverable of the detailed mapping project. Finally, the project aims to identify the total number of pegmatites outcropping on the Project area. Visual inspection of satellite imagery and physical inspection on the ground have highlighted a very high number of pegmatites, but a large proportion of the tenement is yet to be explored to verify potential pegmatite outcrops. The Company expects a very large number of pegmatites to be identified by the mapping program. Announcement • Jan 25
Askari Metals Limited Announces Results of the Recently Completed Field Reconnaissance Program At the Company's 100% Owned Barrow Creek Lithium Project Askari Metals Limited announced results of the recently completed field reconnaissance program at the Company's 100% owned Barrow Creek Lithium Project in the Central Northern Territory's Arunta Pegmatite Province. The program targeted an area in the south-central part of the Project and was aimed at pegmatites previously untested for lithium mineralisation but with lithologies analogous to those in the north-west and south-east area of the Barrow Creek project. The Company has identified fertile LCT pegmatite in these analogous areas stretching over 4.8km by 3.8km, as well as an anomalous area in the south-east revealing lithium grades of up to 212 ppm Li (456 ppm Li2O). Results from the program identified prospectivity for Rare Earth Elements (REE), with Total Rare Earth Oxide (TREO) results of up to 4553 ppm. The highly anomalous REE results are very encouraging, especially at a time when the world is facing REE supply deficits and supply chain issues. The Barrow Creek Pegmatite Complex trends in a north-westerly direction across the south-central project area, which includes relatively inaccessible terrain. The Company identified medium to very coarse-grained pegmatites containing potassium feldspar, plagioclase, muscovite and tourmaline. The northern portion of this area contains a large pegmatite field where pegmatites upward of 5m wide have been mapped and sampled. The mineralogy of these pegmatites is similar to that identified in the south-eastern part of the project, with potassium feldspar, plagioclase, muscovite and tourmaline being common. The southern part of the work area is covered by sandstones and sediments of the Central Mount Stuart Formation. This area was traversed using an off-road vehicle and on foot as best as the steep terrain allowed, but no prospective pegmatites were identified. Results from the work completed were reviewed and checked for anomalism for multiple commodities and also for REE potential. During this phase of the review, the TREO values were calculated, and several outliers were identified. The TREO formula used is TREO = La2O3 + Ce2O3 + Pr2O3 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3. Oxides of the REE's were derived using conversion factors multiplied by the assay grade received from the lab. Further review of the results showed the most anomalous samples were positive for both heavy and light rare earth anomalism, resulting in very elevated TREO results. Anomalism for lithium was not as pronounced in the south-central project area as in other areas investigated by the Company earlier in 2022. A minor tantalum anomalism was identified and will be included in follow-up work. The sample results reveal a felsic to intermediate host when calculating host geology using whole rock analysis. Samples also identified a slight zinc and tantalum anomalism, but the REE review identified several highly anomalous sample results, including an outstanding result of 4553 ppm TREO (formula for TREO calculation provided in the section above). The anomalous REE (TREO) sample results obtained from the south-central field program are clustered around two large granite outcrops. Other samples with elevated results above 500 ppm TREO were also found farther afield, signifying the potential for enlarging the REE mineralised footprint through follow-up phases of work. Follow-up work is planned to investigate further REE potential in the south-central portion of the project as well as the project as a whole. The lithium potential of the north-western and south-eastern parts of the project must also be further investigated, and Aboriginal Areas Protection Authority (AAPA) certificates have been applied for by the Company. During this phase of the review, the TREO values were calculated, and several outliers were identified. The TREO formula used is TREO = La2O3 + Ce2O3 + Pr2O3 + Nd2O3 + Sm2O3 + Eu2O3. Announcement • Jan 17
Askari Metals Limited Completes Inaugural RC Drilling Campaign at the Horry Copper and Gold Project Askari Metals Limited announced the results of the inaugural RC drilling campaign completed at the Company's 100% owned Horry Copper and Gold Project located in the Kimberley region of Western Australia. The drilling campaign's main target was the copper and gold mineralisation at the Horry Horse prospect, where the bulk of the approximately 2,100m program was focused. The mineralisation at Horry Horse outcrops over more than 400m and has been validated by several rock samples with results including 8.5% Cu and 3.77% Cu. The results of the drilling program identified several intervals greater than 1% Cu and 1 g/t gold, and also indicated several sub-parallel mineralised lodes at both the Horry Horse and Mt Dockrell prospects. The results are considered very positive and culminates in new and additional targets being identified on the Horry Project for future follow-up exploration activities. Discussion of Results: The RC drilling program was designed to test the copper mineralisation at the Horry Horse prospect and the gold mineralisation at the Mt Dockrell prospect. The copper mineralisation at the Horry Horse prospect manifests as outcropping malachite mineralisation within a shear hosted in metamorphosed intermediate sediments. The drill design here aimed to test the 400m long line of exposed malachite mineralisation visible in a shear zone at surface. The design also tested the extension of the mineralisation at depth beyond where the visible mineralisation outcrops. The host of the gold mineralisation at the Mt Dockrell prospect is not clear, but an area of increased gold anomalism was identified by way of soil sampling and gold loaming conducted by the Company in the months leading up to the drilling program. The drill design at the Mt Dockrell prospect was aimed to identify potential mineralised hosts since the mineralisation seems to be "blind" on surface. Six holes were drilled in three lines to test the mineralisation in the Mt Dockrell prospect area. Copper Mineralisation at Horry Horse Prospect Twenty-three holes totalling 1,710m were drilled in seven lines over more than 400 meters to test the outcropping malachite mineralisation at the Horry Horse prospect. Three to four holes were drilled below each other on each line to identify the dip of the mineralisation, while the various lines were designed to give an indication of the mineralised strike. The drilling identified that the mineralised structure is dipping at 70-75 degrees to the south, and also that there is more than one such sub-parallel unit striking to the northeast. Some of the deeper holes intersected the northern-most zone of mineralisation, but additional drilling will be required to test this unit along strike and down dip. Three holes intersected very promising results including 4m @ 1.8% Cu from 24m in HRRC22001 which includes 2m @ 3.6% Cu & 0.2g/t Au from 26m. A further insersection of 3m @ 1.0% Cu from 18m was drilled in HRRC22003, including 1m @ 2.8% Cu & 0.2g/t Au from 19m. Hole HRRC22016 also intersected 1m @ 0.8% Cu from 64 meters. Gold Mineralisation at Mt Dockrell Prospect: Six holes for 388 meters was drilled in three lines at the Mt Dockrell prospect aimed at identifying the host of the gold mineralisation which is not evident at the surface. The intercepts identified a southerly dip of about 70-75 degrees, but the strike is not yet clear. Initial interpretation of the intercepts here in conjunctiuon with high definition magnetic data gathered earlier in 2022, is that the strike is to the northeast, but additional drilling programs will be considered to further test the mineralisation here at Mt Dockrell. Future Work: The Company is pleased that the inaugural drilling program on the Horry Copper and Gold Project was a success and is in the process of reviewing all the data with the aim of designing additional phases of drilling for execution in 2023. Board Change • Nov 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairman Rob Downey was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Chairman Rob Downey was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Chairman Rob Downey was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 